HERE IS ONE I BLEW
I am just kicking myself for missing a couple of huge winning trades this week, here is one of them. I have indicated where I considered going long in the Russell 2000. The reason I did not was the reversal bar. These damn things always cause me trouble. In all honestly I was waiting for one down close to come, and just got too picky. It happens. I wish there was some magic solution to missing trades but there really is not. I have alot of mental baggage with reversal bars due to a period many moons ago where someone taught me to trade off them and I got my ass kicked trying. I developed a sub conscious aversion to them probably just from a self preservation standpoint. This is an irrational position to have on my part that I just have to get past.
I am particularly irritated with the way Blogger displays my posts nowadays. It puts spaces where I don't put them while composing, and takes them out where I do have them. I then go into the HTML code and put them in and sometimes they still don't display properly. I do apologize for the lack of consistency in spacing between paragraphs. I spent close to an hour yesterday on that post, just to still have the spacing wrong. I just do not have more time than that, but I hate putting out any product that is not up to snuff. All I can do is apologize for it and move on.
I would suggest studying reversal bars yourself to see if there is a way you can find to trade them consistently. This specific bar was almost closer to a doji type of bar from the candlestick world, so really was not a traditional reversal bar. I should have treated it as such and went long but I did not so what can I say, I blew a big win here. I would take profits at todays close had I been in the trade due to the 3 consecutive big bars in favor of the trade. For those of you who got this one, you might want to consider flattening at the end of the day if it stays strong.
It is fascinating to me to listen to the debates on CNBC after the NFP reports. I heard over and over that tax cuts for the rich caused the budget deficit. Aside from this being physically impossible, it is just shocking to me that people can actually believe that.
The head of the UAW, or should I say head of extortion for the UAW, kept repeating that. It is so strange to hear someone like this who makes a living from extorting money from rich people always criticizing them. I still challenge these people to produce one poor person who will hire someone and pay them a 6 figure income for sleeping in the rafters during work hours and coming to work drunk. This is a typical MO of an auto worker where I grew up. Many of my high school friends did exactly that year after year. When they bragged about doing it arguments always followed. Will the poor people be able to pay for someone to do that?
There has never been a time when this country has been so divided in my lifetime, it is just a shame. I do not have the answers, only ideas of what I think they are. I do know for sure that attacking rich people is not it. It you get rid of all the rich people, we are Mexico. When they raise my taxes next year I will cut back on discretionary spending by the amount they go up, did you hear that Mark Zandi. Isn't this just obvious? He said today takes hikes don't effect discretionary spending with rich people. He is of course a socialist also, so I guess that is par for the course.
When you look at a stock market rally on a day when the NFP report was so bad, you really have to wonder how all of this is happening. I have gone over and over how I think it is happening, and I have certainly seen no evidence to disprove my theory. However, in the end price rules and the trend is up now.